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Logistics group DX is investing £3.6m into upgrading its existing depot network as part of its “ambitious” growth plans.
The funds investment is expected to be completed by early July 2023 and is in addition to the “substantial” investment under way in new depot openings.
DX said the major improvements implemented across its nationwide depot network have led to increased capacity, improved productivity and raised efficiency levels.
In the DX freight division, which specialises in the delivery of irregular dimension and weight items, upgrades are under way or have been completed at depots in Exeter, Middlesbrough, Northampton, Plymouth and Thatcham. DX has installed new raised docks, expanded loading areas and made energy efficiency improvements.
In the DX express division, which handles documents and parcels, significant upgrades have been made at Gatwick and at the national hub in Nuneaton. These include additional mechanisation, as well as environmental initiatives.
DX opened eight new depots over its last financial year, and by the end of its current financial year, in July 2023, the group expects to have opened a further eight new sites.
DX is in the second year of a major three-year investment programme, which is anticipated to invest £20m-£25m across the group.
Executive chairman Mark Hammond said: “We have ambitious growth plans and the significant investment we are making in our depot network - both in new and existing sites - will underpin continued growth and improvements to customer service and operational efficiencies.
“Our depot upgrade programme is well under way across both our divisions, DX Freight and DX Express, and we are on course to complete around £3.6m of investment in existing depots by early July 2023, with additional substantial investment going into new depot openings at the same time.”
Morning update
It’s a quiet start to the week on the stock market, but the FTSE 100 opened 0.5% lower at 7,448.10pts after protests in China rocked Asian markets.
Early risers in fmcg include Bakkavor, up 6.8% to 95.6p, Greencore, up 2.5% to 72.7p, and Naked Wines, up 1.7% to 97.2p.
Losers so far include Virgin Wines UK, down 3.2% to 67.3p, Kerry Group, down 2.5% to €93.56, and British American Tobacco, down 2.5% to 3,270.5p.
This week in the City
News flow in the fmcg industry slows significantly this week, with just a handful of scheduled updates.
Tomorrow looks to be the busiest day with finals due from Greencore, Marston’s and Treatt, while vape manufacturer Supreme issues interims.
The latest BRC shop price index is scheduled for Wednesday.
And the Virgin Wines UK AGM is set for Thursday.
This week also sees the latest quarterly FTSE index review on Wednesday.
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